Company on Track for Significant Revenue Ramp in Second Half
EUCLID, Ohio, July 20, 2022 /PRNewswire/ -- US Lighting Group, Inc. (OTC:USLG) today announced its financial results for the first quarter of fiscal 2022, the three months ended March 31, 2022.
In fiscal year-ending December 31, 2021, US Lighting Group had a net income of $3 million, primarily due to the sale of its Intellitronix subsidiary
Net sales for the three months ended March 31, 2022, were approximately $76,000 as compared to $2,000 for the same period last year
Net loss from continuing operations was $376,000 versus a loss of $295,000 in the prior-year period
As of March 31, 2022, the Company's backlog was approximately $2.4 million, which subsequently rose to $5.1 million as of June 30, 2022
The Company remains on track for increased deliveries of its Cortes Campers in the third and fourth quarters in 2022
Filing and reporting of first quarter results were delayed due to auditing requirements and other factors, which have since been resolved
Second quarter results are expected to be issued on or about August 15, 2022
"We are pleased to announce our first quarter results, where we focused on building a distribution network, putting us on track for a productive and growth-oriented remainder of 2022," said Anthony Corpora, Chief Executive Officer of US Lighting Group. "We have been focused on winning new orders for our Cortes Campers unit, since December 2021, and have successfully received over $5.2 million worth of purchase orders for delivery this year and next. Our plan is to ramp up production in the coming quarters, leveraging these orders to put the Company on pace for profitability as well as further investment across our other lines of business. We anticipate releasing second quarter results in the middle of August. I appreciate our investors' patience and passion as we gear up for very exciting times ahead."
First Quarter 2022 Results
Net sales for the three months ended March 31, 2022, were $76,000 compared with $2,000 in the prior-year period, reflecting increased orders and overall higher demand for the Company's products. Gross profit for the first quarter of 2022 was $8,000 versus $2,000 in 2021.
Selling, general, and administrative expenses ("SG&A") were $266,000 in the first quarter of 2022 versus $217,000 in 2021, and the Company posted a net loss from continuing operations of $376,000 in 2022 versus $295,000 in the prior-year period.
Balance Sheet Highlights
As of March 31, 2022, the Company had approximately $404,000 of cash compared with $286,000 of cash as of December 31, 2021. Total current liabilities as of the end of the first quarter were $0.8 million compared with $1.1 million as of December 31, 2021.
For more information, click here to review US Lighting Group Fiscal 2022 First Quarter Results.
About US Lighting Group, Inc.
US Lighting Group, Inc. (OTC:USLG) has three subsidiaries, Cortes Campers, LLC, a manufacturer of molded fiberglass travel trailers and campers, Fusion X Marine, LLC, a boat manufacturer, and Futuro Houses, LLC, a fiberglass house manufacturer. The Company, its subsidiaries and affiliate, have manufacturing and R&D facilities in Cleveland, Ohio.
For additional information: uslightinggroup.com
Certain statements in this news release, including, but not limited to, reference to orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
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SOURCE US LIGHTING GROUP